Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.23.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2023
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 15,259,497 $ 23,963,797
Accounts receivable, net of allowance of $232,004 and $166,231 9,223,484 8,669,202
Revenues in excess of billings, net of allowance of $43,334 and $136,976 13,741,884 14,571,776
Other current assets 2,599,532 2,223,361
Total current assets 40,824,397 49,428,136
Revenues in excess of billings, net - long term 853,601
Property and equipment, net 6,871,036 9,382,624
Right of use of assets - operating leases 1,102,729 969,163
Long term investment 1,066,878 1,059,368
Other assets 425 25,546
Intangible assets, net 381,878 1,587,670
Goodwill 9,302,524 9,302,524
Total assets 59,549,867 72,608,632
Current liabilities:    
Accounts payable and accrued expenses 7,098,206 6,813,541
Current portion of loans and obligations under finance leases 5,969,044 8,567,145
Current portion of operating lease obligations 421,223 548,678
Unearned revenue 4,167,655 4,901,562
Total current liabilities 17,656,128 20,830,926
Loans and obligations under finance leases; less current maturities 215,243 476,223
Operating lease obligations; less current maturities 651,443 447,260
Total liabilities 18,522,814 21,754,409
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,238,042 shares issued and 11,299,011  outstanding as of March 31, 2023 12,196,570 shares issued and 11,257,539  outstanding as of June 30, 2022 122,382 121,966
Additional paid-in-capital 128,536,955 128,218,247
Treasury stock (at cost, 939,031 shares as of March 31, 2023 and June 30, 2022) (3,920,856) (3,920,856)
Accumulated deficit (39,821,470) (39,652,438)
Other comprehensive loss (47,192,994) (39,363,085)
Total NetSol stockholders’ equity 37,724,017 45,403,834
Non-controlling interest 3,303,036 5,450,389
Total stockholders’ equity 41,027,053 50,854,223
Total liabilities and stockholders’ equity $ 59,549,867 $ 72,608,632